VA Loans

[Mickedamouse24]

Can anyone tell me why the banks owned by TV do not process VA Loans for their homes? There seem to be a good many veterans living in TV and they even have a Veteran's Memorial Park... So, What gives? Are they some how trying to discriminate against some folks?

[GMONEY]

You dont even know the can or worms that term VA Loan opens up here...

I can tell you this, If you are buying a brand new home, never pre-owned, you can not use a VA Loan to purchase. It is not the banks entire fault here. Using a VA loan means the seller must fork up some of the money for closing and so on. And you must provide the Bank and VA and VA builders ID to process the loan. That is a must!! If the home is pre-owned and for sale by owner then no VA ID number is required. Same thing if you tried to go FHA. Not happening. Had some people try to use both loan programs and did not work for them.

[KayakerNC]

Last year, I asked about reusing my VA Certificate.
Lyle Gant's response:
"This is my mortgage brokers response to your question.
Yes he could use it again. However, VA loans consist of a lot of unwarranted fees.
The only advantage of using his VA benefits would be if he wanted 100 percent financing.
Once we make application, I would be able to determine in fact what would be the most appropriate for the borrower."
Laurie (Villages Sales Rep) response:
"In all honesty, very few VA loans are used in The Villages--mostly because VA requirements are so stern--especially in terms of closing costs absorbed by the seller. Some sellers will not negotiate a sale where the buyer is utilizing the VA option. Some will inflate the purchase price to compensate for the additional costs they need to pay.
That said, it isn't impossible--we just don't see it often.
With a new home purchase, 20% down and closing in approximately 30 days, I don't think our requirements fit within the constraints of the loan, as the VA is based upon a zero down payment."

[GMONEY]

You need to dig alittle into what a builder would have to sign in order to get a VA builders ID number. That is 100% required to have a new home purchase. ANd if you are wanting to purchase a new home in TV, they would have to have it.
Now if it is a pre-owned home that is a totally different dog in a round-a-bout way. The number is not required and then it would be the seller that would have issues with a VA Loan, not the VA itself. Any builder of a new home must have that number.

And I would only use it on 100% finance, nothing less.

[Mickedamouse24]

Thanks for the info folks. I have bought two homes over the years using the VA and never had any problem! Again, seems to be that with a purchase as significant as a home, you would want there to be stringent controls for your safety and welfare. Live and Learn. Have a nice day!:wave:

[graciegirl]

Thanks for the info folks. I have bought two homes over the years using the VA and never had any problem! Again, seems to be that with a purchase as significant as a home, you would want there to be stringent controls for your safety and welfare. Live and Learn. Have a nice day!:wave:

I am certainly not a financier. Is there an advantage to using a VA loan or a VHA loan? The prime rate is very low right now. We have had 13 homes in our lifetime so far but had always used conventional loans. I would guess that very few people at retirement age would be financing the full amount for their home. There is a great percentage here who do not have a loan.

I don't understand your statement, "Again, seems to be that with a purchase as significant as a home, you would want there to be stringent controls for your safety and welfare,"

I am very cautious and conservative and did not feel that buying a home in TV posed a risk.

You do not have to use The Villages bank. There are several well known national bank offices near here.

I am not sure if you have visited here yet.

I welcome you and feel sure that your worries will be allayed. You are right to ask these questions.